Lucid Group (NASDAQ:LCID) Stock Price Down 4.1% – Time to Sell?

Lucid Group, Inc. (NASDAQ:LCID)’s share price was down 4.1% during trading on Friday . The company traded as low as $3.15 and last traded at $3.18. Approximately 35,294,593 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 79,145,930 shares. The stock had previously closed at $3.31.

Analyst Upgrades and Downgrades

Several research firms recently commented on LCID. Cantor Fitzgerald reiterated a “neutral” rating and issued a $3.00 price target on shares of Lucid Group in a research report on Tuesday, January 7th. R. F. Lafferty raised shares of Lucid Group from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a report on Monday, November 11th. Royal Bank of Canada decreased their target price on shares of Lucid Group from $3.00 to $2.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 19th. Benchmark began coverage on Lucid Group in a research note on Wednesday, February 12th. They set a “buy” rating and a $5.00 price objective for the company. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Lucid Group in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Lucid Group has an average rating of “Hold” and a consensus price target of $3.10.

Lucid Group Stock Down 7.6 %

The company has a debt-to-equity ratio of 0.77, a quick ratio of 3.26 and a current ratio of 3.71. The firm has a market capitalization of $9.22 billion, a price-to-earnings ratio of -2.28 and a beta of 0.93. The firm has a fifty day moving average price of $2.99 and a 200 day moving average price of $2.98.

Institutional Investors Weigh In On Lucid Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Public Investment Fund increased its holdings in shares of Lucid Group by 28.8% in the 4th quarter. Public Investment Fund now owns 1,770,888,684 shares of the company’s stock valued at $5,348,084,000 after purchasing an additional 396,188,386 shares in the last quarter. Vanguard Group Inc. increased its holdings in Lucid Group by 31.1% in the fourth quarter. Vanguard Group Inc. now owns 110,318,727 shares of the company’s stock valued at $333,163,000 after buying an additional 26,172,852 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of Lucid Group by 4,320.7% during the 4th quarter. Two Sigma Investments LP now owns 15,851,907 shares of the company’s stock valued at $47,873,000 after acquiring an additional 15,493,320 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Lucid Group by 342.7% during the 4th quarter. Renaissance Technologies LLC now owns 16,539,862 shares of the company’s stock worth $49,950,000 after acquiring an additional 12,803,987 shares in the last quarter. Finally, Two Sigma Advisers LP purchased a new stake in shares of Lucid Group during the 4th quarter worth approximately $34,123,000. Institutional investors and hedge funds own 75.17% of the company’s stock.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.